Leicester make £16.4 mn profit from title season

Leicester City's shock league triumph in 2016 has been described as one of sport's greatest fairytales

Leicester City made a pre-tax profit of £16.4 million ($20.1 million, 19.1 million euros) in the season of their fairytale Premier League title win, the club announced on Thursday.

Prize money from winning the 2015-16 title saw the Thai-owned club's turnover swell by over £24 million from the previous financial year, when Leicester had finished 14th.

A rise in domestic television revenue and higher attendances at the King Power Stadium -- both linked to the title triumph -- also contributed to the increase in turnover.

"Our long-term commitment to financial sustainability includes regular reinvestment back into the club, keeping it competitive as we bid to bring continued success to its growing supporter-base and the community that has supported it for over a century," chief executive Susan Whelan said in a statement.

"We will continue to work diligently and purposefully to build a legacy they can all be proud of."

Ten months on from their 5,000-1 title success, Leicester are toiling near the bottom of the table and recently sacked manager Claudio Ranieri.

Despite the increase in turnover during the title-winning campaign, Leicester's profits fell by around £10 million, mainly due to player purchases.

Whelan said Leicester's title win was the fruit of "years of sustainable planning" and praised owners King Power, the Bangkok-based travel retail group owned by Vichai Srivaddhanaprabha.

"The incredible support of the Srivaddhanaprabha family and the King Power Group of companies continues to safeguard the club's future and it remains an enormously rewarding experience for everyone associated with the club to be part of the family's long-term vision," she said.

"Their passion for the club and commitment to its progress sets the tone from which we all take inspiration."

Leicester also confirmed they are legally contesting a charge that they breached the Football League's financial fair play rules while playing in the English second tier in 2014.

The club's losses exceeded the permitted limit of £8 million during their Championship-winning 2013-14 season.

"The club has entered into an arbitration process with the Football League in relation to the legality of the 2012 Championship FFP rules," Leicester said in a statement quoted by BBC Sport.

"Provision has been made for legal costs in relation to this process, however the directors are confident that no further liability will be incurred by the company."